The Navigation Act of 1660

question 32

Multiple Choice

The Navigation Act of 1660

• A) promoted colonial trade by removing English duties on enumerated articles.
• B) created stringent enforcement mechanisms by which England regulated colonial trade.
• C) allowed expanded exports of colonial tobacco to European markets.
• D) listed colonial products that could be shipped only to England or to other English colonies.

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Definitions:

Utils

A hypothetical unit of measure used to quantify the satisfaction or utility that a consumer derives from consuming a good or service.

Marginal Utility per Dollar

The additional satisfaction or utility gained from consuming an additional unit of a good or service per unit of currency spent.

Utility-maximizing Consumer

A consumer who aims to get the highest level of satisfaction possible from their purchases, given their budget constraints.

Income Effect

The income effect describes how changes in consumers' income impact their purchasing choices, typically affecting the quantity of goods consumed.